Mr. Shiraz Refai – Head of Alternate Financial Services Unit of LOLC Finance and Mr. Shafin Iqbal – Manager of Institutional Marketing at LOLC Al-Falaah

LOLC Al-Falaah, the alternate financing unit of LOLC Finance, has once again cemented its legacy as a trailblazer in the Islamic finance landscape by being voted the “Best Islamic Leasing Provider (Global)” in the IFN Non-Banking Financial Institutions Poll 2024. This marks the third time in four years that Al-Falaah has achieved this No.1 position in this global accolade, underscoring its excellence as the most preferred alternate financial services provider.

The annual IFN Best NBFI Poll recognizes industry-leading providers of Islamic financial services across global markets and varied sectors. This year, it attracted record-breaking participation from voters in Asia, the Middle East, Africa, Europe, and North America, highlighting the vibrant global Islamic finance sector. The global winners of various categories listed in the IFN-NBFI Global Poll were announced on the 17th of November 2024, with the prestigious awarding ceremonies set to take place in Dubai, United Arab Emirates, and Kuala Lumpur, Malaysia, in mid-February 2025.

LOLC Al-Falaah’s innovative product portfolio, which spans nine key offerings—including investment instruments, leasing, trade finance, and real estate finance—continues to redefine industry standards. Notably, Al-Falaah pioneered Sri Lanka’s first Wadi’ah gold storage facility, providing a Shari’ah-compliant alternative to conventional gold loans, a portfolio that has surpassed an impressive LKR 2 billion this year. The company’s unwavering commitment to innovation, financial inclusivity, and exceptional customer care has resonated deeply with its clientele, earning it both local and global acclaim.

This recognition comes as LOLC Al-Falaah operates within the formidable framework of LOLC Finance PLC, which holds over 20% of Sri Lanka’s NBFI asset portfolio and boasts a robust balance sheet exceeding Rs. 200 billion. Through its 213-strong branch network and a team of dedicated professionals, Al-Falaah ensures that its tailored solutions are accessible to all Sri Lankans, irrespective of background. As the second-largest alternate finance provider in the country, Al-Falaah commands a total asset base of over Rs. 35 billion, serving more than 65,000 active clients.

Reflecting on this achievement, Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, shared, “This recognition is a testament to our steadfast focus on achieving excellence in every facet of our operations. From product innovation to customer care and social responsibility, we strive to set benchmarks that resonate with the needs and aspirations of our communities. Being voted the Best Islamic Leasing Provider is a humbling honour that inspires us to continue empowering lives and fostering economic stability through Shari’ah-compliant financial solutions.”

Adding to this, Shafin Iqbal, Manager, Institutional Marketing at LOLC Al-Falaah, expressed, “In the highly competitive and fast-paced industry, receiving a global award is a true testament to the creativity and the innovative impact of the brand’s communication efforts. LOLC Al-Falaah winning the prestigious IFN Award for the ‘Best Leasing Provider, Global’ category recognizes its approach in connecting with various stakeholders across multiple regions and also takes a closer look at the well-executed marketing communication strategies and cross-functional collaboration that led to this remarkable achievement. This win reflects the trust and loyalty of our customers and the support of our communities, whose voices have driven us to this pinnacle of success.”

LOLC Al-Falaah’s enduring success is a powerful affirmation of its comprehensive approach, combining exceptional financial performance with deep-rooted ethical values. This latest recognition not only celebrates its achievements but also reinforces its vision of driving sustained growth and inclusivity, ensuring a brighter future for all Sri Lankans.